Problem 11-3A

The stockholders equity accounts of Whispering Winds Corp. on January 1, 2019, were as follows.

Preferred Stock (8%, $52 par, cumulative, 11,000 shares authorized)		$ 416,000
Common Stock ($1 stated value, 1,900,000 shares authorized)		1,300,000
Paid-in Capital in Excess of ParPreferred Stock		120,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,450,000
Retained Earnings		1,800,000
Treasury Stock (10,500 common shares)		52,500

During 2019, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 25,500 shares of common stock for $118,000.
Apr.	14		Sold 5,800 shares of treasury stockcommon for $33,000.
Sept.	3		Issued 5,000 shares of common stock for a patent valued at $35,100.
Nov.	10		Purchased 1,000 shares of common stock for the treasury at a cost of $5,800.
Dec.	31		Determined that net income for the year was $485,000.

No dividends were declared during the year.

Date Account Titles and Explanation Debit Credit Feb. 1 Cash 118000 Common Stock 25500 Paid-in Capital in Excess of Stated Value-Commor 92500 Apr. 14 v Cash 33000 x Treasury Stock 4000 Paid-in Capital from Treasury Stock 29000 Sept. 3 v Patents 35100 Common Stock 5000 Paid-in Capital in Excess of Stated Value-Commor 30100 Nov. 10 v Treasury Stock 5800 Cash 5800 Dec. 31 v Income Summary 485000 Retained Earnings 485000 Paid-in Capital from Treasury Stock Apr. 14 29000 X Dec. 31 Bal. v 29000 Treasury Stock x Jan. 1 Bal. 52500 Apr. 14 4000 Nov. 10 5800 X Dec. 31 Bal. v 54300 Whispering Winds Corp. Balance Sheet (Partial) December 31, 2019 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 416000 $1 Common Stock 1330500 T Total Capital Stock 1746500 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 120000 Paid-in Capital in Excess of Stated Value-Commor 1572600 Paid-in Capital from Treasury Stock 29000 Total Additional Paid-in Capital 1721600 Total Paid-in Capital 3468100 Total Additional Paid-in Capital 1721600 XI Total Paid-in Capital 3468100 Retained Earnings 2285000 Total Paid-in Capital and Retained Earnings v 5644500 Less V Treasury Stock 54300 Total Stockholders' Equity 5698800 Click if you would like to Show Work for this question: Open Show Work